COLLEGE ACCOUNTING
13th Edition
ISBN: 9780357531846
Author: Scott
Publisher: CENGAGE L
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Textbook Question
Chapter 12, Problem 3PA
The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30.
Required
- 1. Journalize the six
adjusting entries . - 2. Journalize the closing entries.
- 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry.
Check Figure
Reversing entry amount, $1,240
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Question:Financial Account - 21-69
The following absorption costing income statement and additional data
are available from the accounting records of Bernon Co. for the month
ended May 31, XXXX. During the accounting period, 17,000 units were
manufactured and sold at a price of $60 per unit. There were no
beginning inventories.
Bernon Co.
Absorption Costing Income Statement
For the Month Ended May 31, XXXX
Sales (17,000 @ $60)
Cost of goods sold
$ 10,20,000
6,12,000
$ 4,08,000
Selling and administrative expenses
66,000
Income from operations
$ 3,42,000
Gross profit
Additional Information:
Cost
Total Cost Number of
Unit Cost
Manufacturing
costs:
Variable
$ 4,42,000
17,000
$26
Fixed
1,70,000
17,000
10
Total
$ 6,12,000
$36
Selling and administrative expenses:
Variable ($2 per unit sold)
Fixed
$ 34,000
32,000
$ 66,000
Total
Prepare a new income statement for the year using variable costing.
A machine is purchased at the beginning solve this accounting questions
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Chapter 12 Solutions
COLLEGE ACCOUNTING
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
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